BitcoinThe Future of Currency “There is no way to value Bitcoin, which means there is nothing constraining its price other than supply and demand.” Blodget, Henry By: Bernardo Lopez Dr. Carl Rebman ITMG 100 Nov. 12, 2013
Introduction • What is money? Medium of exchange • Nobody invented money, it was a result of human interaction • What is Bitcoin? fungible unit of value backed by computer processing power. • Digital currency
Information • Decentralized system, power is spread among all users (no central authority or third-parties) • Regulated by peer-to-peer • Finite number of coins = eliminate inflation (no “magic”)
Miners • Workforce Paid with Bitcoins • Bundle up transactions = ‘blocks’ &’block chains’ • Cryptography ensures and secures transactions • All participants know the history of all transactions in the network
Bibliography Hobbs, Darren. "Explain like I’m five: Bitcoin." Darren Hobbs, Shamelessky self- promoting since 202. Wordpress, 09 Apr 2013. Web. 8 Nov. 2013. <http://darrenhobbs.com/2013/04/09/explain-like-im-five-bitcoin/>. Lee, Timothy B. "An Illustrated History of Bitcoin Crashes." Forbes. (2013): n. page. Web. 10 Nov. 2013. <http://www.forbes.com/sites/timothylee/2013/04/11/an illustrated-history-of-bitcoin-crashes/>. "History." Important milestones of the Bitcoinproject. <https://en.bitcoin.it/wiki/History>.